The European Council has decided that larger investment firms will be subject to greater regulatory requirements while those based in third countries and operating in the EU will see more intrusive oversight from the Union
Regions
Open banking rules hand edge to tech giants over banks
The EU’s Open Banking regime has handed an advantage to the big tech firms seeking to enter the financial services market, according to a survey published by digital bank, Pepper
ESAs looking at appropriate steps for promoting common EU approach towards fintech
The rapid growth in initiatives across the EU designed to foster fintech has prompted the three European Supervisory Authorities to release a paper on best practices and also to signal that they are considering coming up with a common EU approach to the sector
FSOC sees no immediate threat from crypto assets
Crypto assets do not pose a threat to US financial stability, but are a danger in terms of criminal activities such as money laundering
Fed consults over simplifying its stress testing regime
The Fed is consulting on a number of proposals for the US stress testing regime, which include raising the threshold on bank own stress tests and to move the biggest banks on to a two-year cycle
New York Fed outlines practices for handling confidential market information
New York Fed reviews its policies on handling sensitive market related information to conform with the goals of the Treasury Market Practices Group (TMPG) and the FX Global Code of Conduct
Most central banks sceptical over benefits of launching new digital currencies
Most central banks do not yet see enough potential benefits from launching digital currencies with the greatest interest in them emanating from emerging market countries, according to a BIS survey
European Commission endorses RTSs relating to SFTR
The European Commission has signed off on the regulatory technical standards relating to the rolling out of the second part of SFTR
AI raises new governance challenges for regulators and industry
Such is the unique nature of artificial intelligence in that inputs don’t produce predictable outputs that regulators and industry will have to think carefully about the governance structures surrounding this unique technology
Dealers versus clearers: a battle of living wills
A recent consultation by the Financial Stability Board has further highlighted a deep schism in the industry over the procedures for resolving a failing clearing house
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